As we can see from the above chart the US Dollar took a sudden leap upwards today as the Japanese government sought to reduce the value of their own currency. This will of course have an impact on both gold and silver prices as their inverse relationship still exists however, it will be interesting to see just how quickly these precious metals can rebound from this knock on the chin.

TOKYO, Oct 31 (Reuters) - Japanese Finance Minister Jun Azumi said on Monday he would take firm measures on foreign exchange as necessary, sending a fresh warning to the market after the yen hit another peak against the dollar.

Azumi said he saw no specific reason behind the yen's record high against the dollar earlier in the day.

"I have said many times, if forex moves do not reflect the economic fundamentals and speculative moves last, Japan will take firm measures," Azumi told reporters.

He also said currency rates have recently shown strong speculative moves.

Azumi made the remarks after the dollar touched a record low of 75.31 yen earlier on Monday. It later stood around 75.68 yen.

Later, he said the yen's strength is having a major impact on Japan's real economy.

In a speech to leaders of the ministry's local finance bureaus he also said Japan will pledge to contribute to the international community at the Group of 20 summit in Cannes, southern France, this weekend amid sovereign debt problems and downside risks to the global economy that need to be dealt with urgently.

"Japan will keep close cooperation with overseas countries and will take an important role in the international community for stable financial markets and sustained global economic growth."

Its brace for a buffeting time, so make a nice cup of tea and hold steady through it.

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